Bankex : Proof Of Asset Protocol

We all have assets- whether they are cars, buildings, or even online space. The thing is, we don’t necessarily use these assets to their full potential. When you’re away on holiday, for example, your car isn’t being used. In a similar way companies often rent too much office space, or not enough, but Bankex have come up with a solution. What if you could monetise these underutilised assets? It means they become more efficient investments, and give access to those who would need them on a temporary basis.

Bankex

Bankex have created a proof of asset protocol that creates decentralised capital markets. The target beneficiaries of this method are fintech providers, Artificial Intelligence and Internet of Things Labs, as well as traditional banking providers and owners of asset. They have won numerous rewards for their work in the fintech sector, and in early 2017 they received a $120,000 grant from Microsoft Azure Sponsorship and entered a blockchain technological development partnership with them. The company is fully regulated under US law.

Let’s say, for example, you have a car that isn’t being used. By using movement and location sensors, the system will be able to sell the use of the car, when it isn’t being used, in exchange for tokens at a pre-determined fee. This allows people who need a car to gain access to one, and people who aren’t using their car to benefit from it.

The same principle can be applied to Real Estate. If you are an institution that owns a large building, quite often there will be empty space. By using Bankex, it’s possible to monetise this space by renting it out on a pay-as-you-go basis. This gives people the ability to hire a room for an hour, or a day, without having to set up leases- instead paying by using tokens.

Bankex suggest a number of ways in which this method can work, from Retail Franchise Networks to the Secondary Market for New Buildings- with all payments to be made using their own blockchain based currency called BKX. Customers will be required to purchase BKX to use the services, and asset owners will receive BKX in return. The use of the currency in this way will drive demand for it, and it will be available on crypto exchanges.

They already have an impressive number of institutions involved. With 9 banks under banking as a service projects, 17 strategic partners, 77 early token owners, and more than 3,500 Lab project clients- there’s clearly already a lot of interest in what they are doing.

BKX Tokens

With the demand for BKX Tokens taken care of with the asset management side of the business, the next thing is to get them into the hands of users, and raise funds at the same time to take the business to the next level.

To do this, Bankex have recently finished their presale and private sale events, and they are now offering the Tokens in open sale, known as the Token Sale Event (TSE) that will commence on November 28th, 2017. They are looking to raise up to $40 million during the entire presale and sale periods, with a cap of 400 million tokens on offer- 220 million of which will be available for retail investors.

The tokens will be available at a rate of 1 Ethereum in exchange for 500 BKX, and they will accept payment in either Ethereum or BitCoin. Once the sale ends, tokens will be deposited into the wallets of all those who have taken part and, while they will be tradable on open exchanges from that point, a number of tokens sold to institutional clients will be locked for a year where they can be used to run the tokenisation protocol, but not sold.

If you are interested in purchasing tokens during the sale, they recommend you use an Ethereum based cold storage wallet for the BKX to be deposited in as opposed to an exchange wallet. Full information of the process is available through the Bankex website at https://bankex.com/en/ where you are also able to register your intended involvement.

Conclusion

Bankex have been recognised for their progressive ideas, and are offering a unique way to create more value from already existing assets. This will create demand for the BKX token and ensure that it remains a valued currency. As the company improves, so will the value of the token, so those that get in early could stand to make a healthy profit from their investment. Their website (as mentioned earlier) and blog (https://blog.bankex.org/bankex-announces-public-token-sale-770c72303680 ) offer full details of how to register for the sale and set yourself up to make payments as soon as you are ready to do so.